NEW YORK — State Street plans to cut 630 jobs, or about 2 percent of its worldwide workforce, as the custody bank continues to work on lowering expenses. The Boston-based bank said Friday that 260 of the jobs to be eliminated are in Massachusetts.

The company also reported fourth-quarter results that beat Wall Street's expectations.

Like many other banks, State Street has been pressured by persistently low interest rates. The job cuts announced Friday will be spread around the globe. The company has 29,660 employees worldwide.

State Street Corp. provides money-handling services to pension funds, mutual funds, retirement plans and other institutional investors, and also manages investments, including the "SPDRs" family of exchange-traded funds.

For the period ended Dec. 31, net income climbed 26 percent to $468 million, or $1 per share. That compares with net income of $371 million, or 76 cents per share, a year earlier.

The company's full-year net income rose 7 percent to $2.02 billion, or $4.20 per share, from $1.88 billion, or $3.79 per share, in the prior year. Annual revenue climbed slightly to $9.65 billion from $9.59 billion.